Steele Capital Management Inc. Invests $2.06 Million in AbbVie Inc. (NYSE:ABBV)

Steele Capital Management Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 13,261 shares of the company’s stock, valued at approximately $2,055,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. KRS Capital Management LLC boosted its position in AbbVie by 2.9% in the 3rd quarter. KRS Capital Management LLC now owns 9,954 shares of the company’s stock valued at $1,484,000 after buying an additional 284 shares during the last quarter. TFG Advisers LLC raised its holdings in AbbVie by 3.7% during the 3rd quarter. TFG Advisers LLC now owns 20,068 shares of the company’s stock worth $2,991,000 after purchasing an additional 707 shares during the last quarter. Zullo Investment Group Inc. boosted its stake in shares of AbbVie by 6.0% in the 3rd quarter. Zullo Investment Group Inc. now owns 5,064 shares of the company’s stock valued at $755,000 after purchasing an additional 285 shares during the last quarter. Walkner Condon Financial Advisors LLC grew its position in shares of AbbVie by 5.1% during the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 2,254 shares of the company’s stock worth $336,000 after buying an additional 109 shares during the period. Finally, Accel Wealth Management lifted its holdings in AbbVie by 9.6% in the third quarter. Accel Wealth Management now owns 4,517 shares of the company’s stock valued at $673,000 after buying an additional 397 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of analyst reports. Truist Financial boosted their price objective on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Raymond James upped their price objective on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, BMO Capital Markets reduced their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $174.31.

Insider Activity at AbbVie

In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now directly owns 27,065 shares in the company, valued at approximately $4,802,413.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock worth $67,780,003 over the last ninety days. 0.25% of the stock is owned by corporate insiders.

AbbVie Trading Up 1.2 %

Shares of NYSE:ABBV traded up $1.90 during trading on Monday, reaching $161.52. 6,225,981 shares of the company traded hands, compared to its average volume of 5,665,017. The firm has a market capitalization of $286.00 billion, a price-to-earnings ratio of 47.93, a P/E/G ratio of 2.03 and a beta of 0.58. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The business’s fifty day moving average is $174.59 and its 200-day moving average is $160.90. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter in the previous year, the business earned $2.46 EPS. AbbVie’s revenue was up .7% compared to the same quarter last year. As a group, analysts forecast that AbbVie Inc. will post 11.19 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio is currently 183.98%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.